LONDON--(BUSINESS WIRE)--The new tobacco alternative gums market research report from Technavio indicates negative growth in the short term as the business impact of COVID-19 spreads.
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"One of the primary growth drivers for this market is the demand for nicotine gum in smoking cessation therapy”, says a senior analyst for the Industrials industry at Technavio. Smoking cessation therapy involves the use of nicotine gum as a replacement for cigarettes to help smokers gradually give up their smoking habits. The growing popularity of the therapy has encouraged market vendors to offer a wide range of nicotine functional chewing gums. These factors are significantly contributing to the growth of the global tobacco alternative gums market. As the markets recover Technavio expects the tobacco alternative gum market size to grow by USD 660.60 million during the period 2020-2024.
Tobacco Alternative Gums Market Segment Highlights for 2020
- The tobacco alternative gums market is expected to post a year-over-year growth rate of 3.89%.
- Based on the type, the 2-mg nicotine gum segment led the global tobacco alternative gums market in 2019.
- The growth in the 2-mg nicotine gum segment will be driven by new product launches and the introduction of new flavors.
- 42% of the growth will originate from the North America region.
- The growth of the market in North America will be driven by the introduction of various anti-smoking campaigns by governments in the region.
- The US and Canada are the key markets for tobacco alternative gums in North America. Market growth in this region will be faster than the growth of the market in Europe, MEA, and South America.
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- The tobacco alternative gum market size is expected to accelerate at a CAGR of almost 6% during the forecast period.
- The tobacco alternative gum market is segmented Type (2-mg nicotine gum and 4-mg nicotine gum), Geography (North America, Europe, APAC, MEA, and South America), and Distribution channel (Offline and Online).
- The market is fragmented due to the presence of many/few established vendors holding significant market share.
- The research report offers information on several market vendors, including Alchem International Pvt. Ltd., Cambrex Corp., Cipla Inc., Dr. Reddys Laboratories Ltd., GlaxoSmithKline Plc, ITC Ltd., Johnson & Johnson, Novartis AG, Perrigo Co. Plc, and Takeda Pharmaceutical Co. Ltd.
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